Telecom Corp of New Zealand Ltd reported profit for the year to March 31 of $494m, the largest-ever by a New Zealand listed company. The 15.6% rise in profit for the phone company exactly met expectations. Chief executive Roderick Deane promised Telecom would continue to grow core and new businesses despite an expected slowdown in New Zealand’s economic growth rate, and in the cellular market, he predicted 40% of New Zealanders would have a phone by soon after the turn of the century against 11% at present. Deane also announced the launch of a new Internet product to provide 12 categories of service developed specially for New Zealanders.XTRA will also offer access to 18 telephone books.
